Runs Android 4.0 Ice Cream Sandwich and won't have the four home buttons on the front of the device.

A large display that can play 720p HD video.

5 MP camera that can record 1080p HD video.

Either a 1.2 GHz or 1.5 GHz dual-core processor.

1 GB of RAM

4G LTE radio, meaning it will run either on Verizon or AT&T's upcoming LTE network.

Late fall launch.

The confusing part about the report: BGR's source says this may not be a Nexus-branded phone, but a device from a third-party manufacturer that will act as Ice Cream Sandwich's flagship device. That makes us a bit wary on the source's knowledge about the device.